Forex: Pound retreats to 1.6160 support

on December 31 2009 10:04 AM

FXstreet.com (Buenos Aires) - After reaching an intraday high of 1.6230 against dollar, Pound retreated after better than expect U.S. data, approaching to 1.6160 support. According to Valeria Bednarik, pair is tending lower, as seen on 1 hour charts, with a first support at the 1.6160 area, ahead of 1.6110, where strongly bullish 20 SMA in the mentioned time frame chart, should halt the downside.

To the upside, and as long as above 1.6160, Bednarik sees resistances at 1.6200 area, followed by today's high of 1.6230 and finally 1.6250, strong resistance zone formed by several daily highs and lows of the past two months.

.

More News from IBT MEDIA